External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Luxshare posted FY23 revenue/NP growth of 8%/20% YoY, largely in-line with pre-announcement of 20-25% YoY, while 1H24E earnings guidance of 20-25% YoY (implying 2Q24E 18%-27% YoY) is above market expectations.</li><li>We believe the strong 1H24 outlook is mainly driven by 1) datacenter connectivity (optic/copper) products, cooling and power solutions, and 2) auto biz momentum on stronger NEV and ADAS/AD demand from overseas markets.</li><li>Looking forward, despite recent macro headwinds and iPhone shipment weakness, we believe Luxshare is well-positioned to capture opportunities in datacentre connectivity business, automotive connector business, gain share in iPhone/MacBook/iPad/Watch OEM/components and Apple’s multiple product launches in 2H24E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Luxshare posted FY23 revenue/NP growth of 8%/20% YoY, largely in-line with pre-announcement of 20-25% YoY, while 1H24E earnings guidance of 20-25% YoY (implying 2Q24E 18%-27% YoY) is above market expectations.We believe the strong 1H24 outlook is mainly driven by 1) datacenter connectivity (optic/copper) products, cooling and power solutions, and 2) auto biz momentum on stronger NEV and ADAS/AD demand from overseas markets.Looking forward, despite recent macro headwinds and iPhone shipment weakness, we believe Luxshare is well-positioned to capture opportunities in datacentre connectivity business, automotive connector business, gain share in iPhone/MacBook/iPad/Watch OEM/components and Apple’s multiple product launches in 2H24E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Luxshare (002475 CH) - FY23 In-Line with Better-Than-Feared 1H24 Earnings Guidance

<ul><li>Lenovo hosted the “AI Tech World” event with the theme “AI for All” in Shanghai yesterday. During the event, CEO Mr. Yang highlighted 1) Lenovo’s vision of bringing AI to every household and industry, 2) its emphasis on the industry trend of hybrid AI, 3) building personal AI agents on AI PC/smartphone/pad products and</li><li>4) deploying enterprise AI agents on Lenovo’s smart infrastructure, solutions and services. Lenovo also launched six new models of AI PC products.</li><li>We believe AI PC product launches are set to accelerate in 2024, and major beneficiaries include Lenovo (992 HK), Dell (Dell US), FIT Hon Teng (6088 HK), Chunqiu Electronics (603890 CH), Huaqin Tech (603296 CH), Bromake (301387 CH) and Luxshare (002475 CH).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lenovo hosted the “AI Tech World” event with the theme “AI for All” in Shanghai yesterday. During the event, CEO Mr. Yang highlighted 1) Lenovo’s vision of bringing AI to every household and industry, 2) its emphasis on the industry trend of hybrid AI, 3) building personal AI agents on AI PC/smartphone/pad products and4) deploying enterprise AI agents on Lenovo’s smart infrastructure, solutions and services. Lenovo also launched six new models of AI PC products.We believe AI PC product launches are set to accelerate in 2024, and major beneficiaries include Lenovo (992 HK), Dell (Dell US), FIT Hon Teng (6088 HK), Chunqiu Electronics (603890 CH), Huaqin Tech (603296 CH), Bromake (301387 CH) and Luxshare (002475 CH).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Lenovo Tech World 2024: AI PC Product Launches Set to Accelerate

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 15th.</li>
<li>We estimate the weekly inflows to be US$5,038.2 million, led by industrials, consumer discretionary, consumer staples sectors.</li>
<li>We highlight flows for CATL, Wuliangye, China Tourism, Moutai, Midea.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 15th.
We estimate the weekly inflows to be US$5,038.2 million, led by industrials, consumer discretionary, consumer staples sectors.
We highlight flows for CATL, Wuliangye, China Tourism, Moutai, Midea.


Northbound Flows (Mar 15th): $5bn of Inflows Last Week

Thematic (Sector/Industry)

<ul><li>Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.</li><li>We believe the new device suggested a pivotal role for AI in Apple’s product roadmap in 2024.</li><li>Leveraging Apple’s proprietary M3 chip, the new laptop is built to run most optimized LLMs (and diffusion models) at edge, and enable powerful camera features, real-time speech to text, translation, text predictions, and visual understanding features. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.We believe the new device suggested a pivotal role for AI in Apple’s product roadmap in 2024.Leveraging Apple’s proprietary M3 chip, the new laptop is built to run most optimized LLMs (and diffusion models) at edge, and enable powerful camera features, real-time speech to text, translation, text predictions, and visual understanding features. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - MacBook Air M3 – Apple’s entry into AI PC arena

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB 23.5bn of A-shares on strong average activity after RMB +49bn the previous four trading weeks. More efforts by authorities to eliminate selling.</li>
<li>No finance names of any kind in the top ten this week after 5/10 the week before. Slight tendencies to trade on reversion.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB 23.5bn of A-shares on strong average activity after RMB +49bn the previous four trading weeks. More efforts by authorities to eliminate selling.
No finance names of any kind in the top ten this week after 5/10 the week before. Slight tendencies to trade on reversion.


Mainland Connect NORTHBOUND Flows (To 1 Mar 2024): Foreigners Buy a New Set of Names

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

Luxshare (002475 CH) - FY23 In-Line with Better-Than-Feared 1H24 Earnings Guidance

Luxshare posted FY23 revenue/NP growth of 8%/20% YoY, largely in-line with pre-announcement of 20-25% YoY, while 1H24E earnings guidance of 20-25% YoY

CMB International

Technology - Lenovo Tech World 2024: AI PC Product Launches Set to Accelerate

Lenovo hosted the “AI Tech World” event with the theme “AI for All” in Shanghai yesterday. During the event, CEO Mr. Yang highlighted 1) Lenovo’s...

CMB International

Northbound Flows (Mar 15th): $5bn of Inflows Last Week

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Wuliangye, China Tourism, Moutai, Midea, Wuxi...

Ke Yan, CFA, FRM

Technology - MacBook Air M3 – Apple’s entry into AI PC arena

Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.

CMB International

Mainland Connect NORTHBOUND Flows (To 1 Mar 2024): Foreigners Buy a New Set of Names

Mainland Connect NORTHBOUND net flows were again heavily to the buy side. This is the fifth week of trading in a row of net buying. Almost every...

Travis Lundy

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